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AIB Whistleblower - ECB & Central Bank 'were misled'

  • 15-04-2016 10:43am
    #1
    edanto
    Registered Users, Registered Users 2 Posts: 2,809 ✭✭✭


    Details are very sketchy,

    https://www.rte.ie/news/2016/0415/781919-whistleblower-aib-ecb/

    https://www.irishtimes.com/business/financial-services/aib-accused-of-misleading-regulators-on-loans-progress-1.2611768
    RTE wrote:
    Over recent years AIB began to reduce the amount of money set aside as the economy improved.

    These reductions have added to AIB's profit figures, according to the bank’s financial results.

    However, the whistleblower alleged that the bank has misled the Central Bank and the European Central Bank in terms of the restructuring targets which had been met.

    The individual claimed progress was over-stated and many of the loans were in worse condition than the bank indicated.

    The whistleblower has worked in a part of AIB called the Financial Solutions Group.


    I'm really pleased to hear about another whistleblower bravely coming forward.

    If the allegations are true, what are the implications? I can't see any detail on the amounts of money that might be involved.

    How long might this type of investigation take?

    What is the law in relation to this type of activity and accuracy of financial statements?


Comments

  • #2
    doc11
    Closed Accounts Posts: 532 ✭✭✭doc11


    edanto wrote: »
    Details are very sketchy,

    https://www.rte.ie/news/2016/0415/781919-whistleblower-aib-ecb/

    https://www.irishtimes.com/business/financial-services/aib-accused-of-misleading-regulators-on-loans-progress-1.2611768




    I'm really pleased to hear about another whistleblower bravely coming forward.

    If the allegations are true, what are the implications? I can't see any detail on the amounts of money that might be involved.

    How long might this type of investigation take?

    What is the law in relation to this type of activity and accuracy of financial statements?

    Disgruntled employee more then likely. Bad debts are judgement calls in most cases anyway. With the upturn in the economy/rising asset values it would be hard not to believe that they'd be significant reduction in provisions


  • #3
    Putin
    Registered Users Posts: 686 ✭✭✭Putin


    edanto wrote: »
    If the allegations are true, what are the implications?

    Nothing, it's Ireland after all. Any Bankers allegedly involved with fiddling the books, will most likely get a pay rise & a promotion.
    edanto wrote: »
    How long might this type of investigation take?

    Years no doubt & long enough for the public to forget/lose all interest.


  • #4
    Labarbapostiza
    Banned (with Prison Access) Posts: 963 ✭✭✭Labarbapostiza


    doc11 wrote: »
    Disgruntled employee more then likely.

    Pissed off with the Paddy Whackery. Holding a grudge against the popeyed liars, sneaks, bullies, and general all round evil clowns they had to work with.
    Bad debts are judgement calls in most cases anyway.

    No, they are not judgement calls. There are international and national rules for the reporting of bad debts. Banks hiding bad debts, to pull on the green underpants or whatever are behaving fraudulently.
    With the upturn in the economy/rising asset values it would be hard not to believe that they'd be significant reduction in provisions

    dE uPtern in dE eConmonhy. You mean the little property bubble the same banks have been blowing with hot air over recent years.

    The Central Bank is fully aware of the shennanigans. They've likely been advising the banks with a cute Paddy Whack wink to be deceptive in their reporting.


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